Couple of questions on buying a 2nd hand house that I've found, mindful that it's a buyers market. I'm a FTB.
1. The estate agent is pressuring me for a 10% deposit - my solicitor tells me that I'm under no obligation to furnish them with this, indeed is advising me that I shouldn't give them this much at the moment and all I need is a holding deposit, so I've sent them 5% with the remaining 5% payable subject to satisfactory examination of title by my solicitor etc. Is this the right approach?
2. There are some minor issues in the house that need addressing, should I use this as leverage to go back and renegotiate the price even though I'm the highest bidder in (an albeit minor) bidding war? (quite a surreal experience for the Estate agent in this climate apparently!)
3. I have in excess of 20% of the selling price available to put down, however am I better off getting a 90% mortgage and using the cash for any works and additional furnishings/decoration etc I need to do on the house and should I ring fence some of it for the rainy day in a "minimum of 4 months mortgage payments" saving fund?
1. The estate agent is pressuring me for a 10% deposit - my solicitor tells me that I'm under no obligation to furnish them with this, indeed is advising me that I shouldn't give them this much at the moment and all I need is a holding deposit, so I've sent them 5% with the remaining 5% payable subject to satisfactory examination of title by my solicitor etc. Is this the right approach?
2. There are some minor issues in the house that need addressing, should I use this as leverage to go back and renegotiate the price even though I'm the highest bidder in (an albeit minor) bidding war? (quite a surreal experience for the Estate agent in this climate apparently!)
3. I have in excess of 20% of the selling price available to put down, however am I better off getting a 90% mortgage and using the cash for any works and additional furnishings/decoration etc I need to do on the house and should I ring fence some of it for the rainy day in a "minimum of 4 months mortgage payments" saving fund?